“Very few jobs and positions are considered guaranteed and even fewer people are free from worries about a steady income,” the article, Redundancy Insurance Blues: Unemployment Woes, reports. “With unemployment rates constantly on the rise, the need to properly protect yourself is becoming more critical. Redundancy insurance can ensure you manage to stay financially afloat if you lose your job.” There are two redundancy insurance policies available: salary and mortgage protection. As the names suggest, salary protection covers your salary if you are laid off and mortgage protection provides coverage for the mortgage repayments you make to your lender on your home. While this all sounds great, keep in mind that it comes with an expiration date. The standard time limit for a redundancy insurance policy is one year, but more extensive policies (and more expensive) will offer payouts for up to two years.
With the unemployment rate steadily increasing, don’t be left behind. Contact an insurance agent about redundancy insurance today to ensure you have something to fall back on in case you lose your job.
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